Delivering regular emails to your mailing lists with relevant information provides a higher open rate. With your emails professionally presented in a branded template subtle advertising of your business is the net result each time you deliver your email campaign. However ‘subtle’ this advertising may be the Return on Investment (ROI) for creating and delivering the regular emails is positive.
Add a promotion of a product or service in your regular email campaigns (newsletters, tips etc) and the net results can be astounding – however due to the compulsion to compare the success of email marketing with your other advertising initiatives e.g. print media (magazines, newspapers etc) the evidence of success with email marketing is not easily identified . We can be forgiven for assessing the statistics produced for an email campaign without including the projected sales and cost of the campaign.
The most effective way to assess the success of your email marketing however is by looking at the whole picture by comparing the statistics per email campaign per month and the projected sales minus the cost of the marketing initiative. Here are the results from an advert ran in a email newsletter. (This is an American example – easy to note given the huge number of emails).
In this example the client ran one Advert in a business newsletter that was delivered to half a million email addresses (NZ mailing lists are typically 1 percent or less in size). Only 25 leads were generated from half a million emails and the click through rate below the industry average at 0.06 percent. On the face of it this campaign looks like it was highly unsuccessful – until the projected revenue statistic and the cost of the campaign statistic are applied. By tying the leads to projected sales the success of this campaign looks fantastic and is the wake up call required.
Here are a couple tips for gauging the success of email marketing:
- Ensure your email campaigns are tracked and the statistics presented. Why waste time creating an email campaign if you can not measure its success!
- Put links to relevant web pages in your email campaign and assess the success in tracking conversions from leads to sales so you can assess the real ROI for email marketing